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Guarantee for Privately Placed Bonds Issued by Colombia
First Samurai Bond Issue under a Framework Agreement

  • Region: Latin America and the Caribbean
  • Others
  • Guarantees
NR/2009-45
November 26, 2009
  1. The Japan Bank for International Cooperation (JBIC; Hiroshi Watanabe)*1  signed on November 24 a set of agreements to provide a guarantee for yen-denominated foreign bonds (Samurai bonds)*2 issued by the Government of the Republic of Colombia. This issue was a private placement denominated in Japanese yen totaling 45 billion yen, with JBIC providing a guarantee for the principal and part of the interest. Participants in this issuance include Daiwa Securities SMBC Co. Ltd. and Mitsubishi UFJ Securities Co., Ltd. as joint lead arrangers, as well as The Bank of Tokyo-Mitsubishi UFJ, Ltd. as a bond administrator.
     
  2. JBIC signed a framework agreement with the Government of the Republic of Colombia on November 18.*3 Under this agreement, JBIC will commit to provide guarantee cover in the amount of up to the equivalent of 800 million in US dollar equivalent yen for Samurai bonds to be issued by the Colombian government. This is the first Samurai bond issuance based on this framework agreement.
     
  3. This Samurai bond issuance is part of JBIC's efforts to respond to the financial crisis. JBIC's credit enhancement with guarantee provision will help diversify funding sources for the Colombian government, which will contribute to stabilization of the country's economy. This issuance will maintain and increase the presence of Colombian sovereign bonds in the Tokyo bond market. JBIC's support for Samurai bond issues in the Tokyo bond market will also offer a wide range of investment opportunities to Japanese investors, and is thereby expected to invigorate the Samurai bond market.
     
  4. "Responding to disruptions in financial order in the international economy" is one of the functions JBIC is expected to perform in its mission. Thus JBIC has been responding to the global financial squeeze since 2008 by drawing on its range of financial instruments. JBIC will continue to make vigorous efforts in this area.
Note
  1. *1 JBIC is the international wing of the Japan Finance Corporation (JFC; Shosaku Yasui).
  2. *2 Samurai bonds are yen-denominated bonds issued by a foreign government or company in the Tokyo bond market.
  3. *3 See Press Release dated November 19, 2009.
  4.  

 

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